If you have an individual retirement account or IRA, you should have a plan for how the account’s assets will be distributed after you die. There are a number of tax planning strategies that can be used for this. Many IRA owners opt to name a beneficiary to receive the account’s funds after they die.…
Category: Federal Income Tax
Federal Income Tax
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Tax Consequences of Settlement Awards for Plaintiffs and Attorneys
When an individual receives a settlement award, the tax consequences of that award can vary depending on how it is structured. There are several tax planning opportunities available for individuals who receive settlement awards, but in most cases, the tax consequences are fairly standard. The case of Lindsey v. Commissioner, 422 F.3d 684 (8th Cir.…
Valuation Challenges and Pitfalls in Tax Cases
Valuing property for tax purposes is complex and can be a critical issue as it can result in significantly higher or lower taxes. The Garwood v. Commissioner, T.C. Memo. 2004-195, case offers a fascinating example of the challenges and pitfalls involved in valuation, particularly in the context of tax court cases. This case involved the…